Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1887-03-25

citizens of Virginia, so az To pre-
vent a competition onunequal terms
between our home merchants and
manufacturers, and those who pay
no taxes to the support of The state
government. II is a diilic lt and
grave question. and It may he nee.
csSary for the Legislature TO adapt
all our license lawSto this new con-
dition OF affairs.
He RECOMMENDS A COMMISSION.
| have the honor to transmit as
bearing upon the subject of this
message the accompanying letter
from Mr.. Charles O'Leavy, Secre-
tary of the Council Of Foreign
Bondholders, and also a copy Of
the resolutions which we're adopted
at the meeting of the Virginia
bondhOlders, convened by the
Council of Foreign Bondholders
and held in London on the 2ith
of September, 1886. am inform
ed by the counsel representing that
Association in this country that
they own or practically control all
the consol and ten forty bonds,
and that he therefore believes that
the great bulk of them is now held
in Great Britain. | am also in re.
ceipt of a copy OF a cablegram to
their counsel, bearing date London,
March S, 1887, and saying: "COun'
ell and committee certainly con-
troll English bondholdeIs. Any
official intlmatiOn of Governments
desire to treat with Council on
basis of September resolutions for
exclusive benefit of bonds and
coupons deposited with Council
will insure the deposit OF whole.
The resolution referred to in the
letter of the secretary of the COun-
Gil of Foreign BOndhOders asserts
a "steadfast determination not to
accept the Rlddleberger settle
ment,n but expresses ga willingness
to meet the State and entertain a
reasonable compromise bdscd upon
the present tdrdtiOH and the avail
able revenue after providing for
the constitutional appropriations
for Government schools and other
public expenditure"
The State has expressed a "stead-
fast determination to adhere to
the Riddleberger settlement and
does not admit her ability, "bdScd
upon tie present tarGtion," to pay
more principal and interest than
that settlement demands, and
claims that her animal revenue
will be absorbed by such amount
of interest added to her other neces-
sary expenses. The question of
the financial ability Of the state
would seem then to be the sole
point of difference between the
Commonwealth and her creditors,
or, in other words, how much can
the State pay without increasing
her taxes? | repeat my former
recommendations for the appoint
ment of a commission whose duty
it shall be to demonstrate to a
similar commission from the bond
holders tho exact facts and figures
which make up the States reve-
nues and expenditures; and point
ont not only what Is "the avail able
revenue after providing for the
constitutional appropriations for
government, schools and other pub
lie expenditures" but demonstrate
10 them what revenue remains
after the regular annual legislative
appropriations, and which are not
included IN constitutional apprOprl'
ations. The duties of such com
mission should be plainly defined
their powers carefully prescribed
guarded and limited, that no mis-
conception be INDUCED in on The
part of any Such commits
sion should only be empowered tC
explain the settlement of 1881 an'
1882 to the creditors, and point on
/ that which addresses itself TO thelI
interests, as we'll as to the interests
of the State. 1t should be CLOTHED
with no other power, ana have ne
other duties to perform, but t
urge them to the settlement Nlr
ginia has decreed, to represen
how futile had been their effort il
the past to resist the determination
Of our people, and that the future
held out to them only the prospec
Of interminable litigation, injurious
alike to them and to us; that tn
achievement Of mere illusOry trl
umphs in the courts, are fraugh
with no substantial advantages t
the liugants of either side. |
should be the duty of the com
mission to point out to them tn
vast untried and unexpended pow
er which resides in united an'
resolute people, and caution then
against the danger of arOuslnS
pablo sentlement which might b'
forgetful of All sense Of justice, ,an'
taking counsel only from passion
destroy the interests which We al
now striving to protect.
1t ls believed that if those hold
ing the outstanding indebtedness
of the State could meet throug
their committee, face to face, sue
a commission here in Virginia q